The global industrial water cooling system market is likely to garner a market value of US$ 1,673.1 Million in 2022, expected to reach US$ 2,648 Million by registering a CAGR of 4.7% in the forecast period 2022-2032. Growth of the industrial water cooling system market can be attributed to the increasing need for water cooling systems in end user industries such as food & beverage and pharmaceutical industry. The market for industrial water cooling system registered a CAGR of 3.8% in the historical period 2016-2021.
Water is the most commonly used chemical compound in almost all industrial sectors, including manufacturing, power generation, and petrochemicals. In these industries, water is used for processing, fabrication, cooling, diluting, product transportation, cleaning, and as a heat exchange medium.
The use of water for various industrial processes pollutes it and raises its temperature, which must be cooled to an optimal working temperature before it can be recycled and reutilized. When it comes to water cooling in industries, an industrial water cooling system comes into play. Such industries’ methods include, but are not limited to, industrial-scale chillers, large-scale cooling towers, and heat exchangers.
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The increase in the rate of industrialization across the globe coupled with the utilization of water for numerous industrial processes have led to improved demand for industrial water cooling systems in the current scenario and is likely to improve at a healthy rate in the upcoming years.
According to estimates published by the World Business Council for Sustainable Development (WBCSD), about 22% of the available water is used for industrial purposes with developed countries utilizing over 55% of water, while the lesser developed countries use around 7% only. In terms of water volume, it is estimated that 1,170 cubic kilometres of water will be used up for industrial purposes by the year 2025.
This enormous exploitation of water in the industries is likely to shape the market for industrial water cooling systems in the future positively. Initiatives imposed to reduce water wastage and changing environmental regulations around the globe have put an onus on the manufacturing companies to revamp their infrastructure to house newer systems and processes with efficient types of machineries and also to reuse the spent water for other processes driving the growth of industrial water cooling system market in an upward trend.
- IWC (Pty) Ltd.
- Cold Shot Chillers
- Thermal Care, Inc.
- Parker Hannifin Corporation
- ThermoTek Inc.
- G.I. Industrial Holding S.p.A.
- Accudyne Industries
- Heuch Pty. Ltd.
- Rittal GmbH & Co. KG.
- Freeze Co Systems, Ltd.
- Hamon & Cie (International)
- SPX Corporation
- ENEXIO Management GmbH
- Johnson Controls PLC
- Berg Chilling Systems Inc.